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1099K From PayPal VA

1 reply
36 views

Hello, I am in Virginia and have received a 1099K from PayPal. I have been collecting unemployment benefits for the past year but was also selling clothes and video games and received payments on paypal. Now I have a 1099K from paypal because I have received over $600 which is the new threshold. I dont have a small business and was doing this just to get rid of things. I didnt even profit from the sales. Ive heard I have to file it as a Schedule C but im sure that will interrupt my unemployment benefits by stating that I was self-employed when it was a hobby. Just need advice on how to continue filing. Would it be ok to file this under the Misc Income category?

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DaveF1006Answer

Alumni - Intuit

Here is the way to report it without reporting as Schedule C income.

Go to federal>income and expenses>all income>>show more
Less Common Income> Start
Miscellaneous Income,>start
Other reportable income>start
Next screen asks Any Other Taxable Income>yes
The next screen will allow you to report the income with a brief explanation
Explain it as1099K, non-business income and then the amount of the income.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

DaveF1006Answer

Alumni - Intuit

Here is the way to report it without reporting as Schedule C income.

Go to federal>income and expenses>all income>>show more
Less Common Income> Start
Miscellaneous Income,>start
Other reportable income>start
Next screen asks Any Other Taxable Income>yes
The next screen will allow you to report the income with a brief explanation
Explain it as1099K, non-business income and then the amount of the income.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"